Tokyo Stocks Open Higher; Dollar Lower

Published 8:00 pm, Monday, April 21, 2003

Tokyo stocks rose moderately early Wednesday as investors were encouraged by Wall Street's strength. The dollar was lower against the Japanese yen.

The Nikkei Stock Average of 225 selected issues was up 38.55 points, or 0.49 percent, at 7,829.01 shortly after the open. The index lost 178.62 points, or 2.24 percent, Tuesday.

The dollar traded at 119.88 yen at 9 a.m., down 0.33 yen from late Tuesday in Tokyo and below the 119.90 yen it bought in late New York trading.

On the stock market, players in Japan largely took the lead from Wall Street, where stocks shot up Tuesday after better-than-expected earnings boosted optimism that corporate profits are improving.

In New York, the Dow Jones industrial average closed up 156.09, or 1.9 percent, at 8,484.99. The Nasdaq advanced 26.99, or 1.9 percent, to 1,451.36, the highest since Jan. 14, when it closed at 1,460.99.

Early Wednesday, the broader Tokyo Stock Price Index gained 3.32 points, or 0.42 percent, to 790.81. The TOPIX, which includes more than 1,000 of Japan's largest companies, lost 14.30 points, or 1.78 percent, the day before.

In currencies, the dollar, which weakened against the euro Tuesday in New York as investors' interest shifted away from the Iraq war, also dipped against the yen in Tokyo.

The euro bought $1.0970 early Wednesday, up from $1.0945 late Tuesday. Against the yen, the euro traded at 131.52 yen, down from 131.58 yen.

The yield on Japan's benchmark 10-year government bond stood unchanged from Tuesday's close of 0.6350 percent, priced at 100.60 points.